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~. Continued from Back of Front Cover 5. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS The Company shall have the option to pay or otherwise settle for or in the name of an insured claimant any claim in- sured against or to terminate all liability and obligations of the Company hereunder by paying or tendering payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred up to the time of such payment or lender of pa}•ment, by the insured claim- ant and authorized by the Company. 6. DETERMINATION AND PAYMENT OF LOSS (a) The liability of the Company under this policy shall in no case exceed the least of: (i) the actual loss of the insured claimant; or (ii) the amount of insurance in Schedule A. (b) The Company will pay, in addition to any loss insured against by this policy, all costs imposed upon an insured in liti- gation carried on by the Company !or such insured, and all costs, attorneys' fees and expenses in litigation carried on by such insured with the written authorization of the Company. (c) When liability has been definitely fixed in accordance with the conditions of this policy, the loss or damage shall be payable within 30 days thereafter. 7. LIMITATION OF LIABILITY No claim shall arise or be maintained under this policy (a) if the Company, after having received notice of an alleged defect, lien or encwnbrance insured against hereunder, by litigation ar otherwise, removes such defect, lien or encum- brance or establishes the title. as insured, within a reasonable time after receipt of such notice: (b) in the event of litigation until there has been a final determination by a court of com- petent jurisdiction. and disposition of all appeals therefrom. advrrse to the title. as insured, as provided in paragraph 3 hereo (; or (c) for liability voluntarily assumed by an insured in settling any claim or suit without prior written consent of the Company. 8. REDUCTION OF LIABILITY All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tango. No payment shall be made without producing this policy for endorsement of such payment unless the policy be lost or destroyed, in which case proof of such loss or destruction shall be furnished to the satisfaction of the Company. 9. LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Com- pany may pay under policy insuring either (a) a mortgage shown or referred to in Schedule B hereof which is a lien on the estate or interest covered by this policy, or (h) a morgage hereafter executed by an insured which is a charge or lien on the estate or interest described or referred to in Schedule A. and the amount so paid shall be deemed a payment under this policy. Ttre Company shall have the option to apply to the pay- ment of any such mortgages any amount that otherwise would be payable hereunder to [he insured owner of the estate or interest covered by [his policy and be deemed a payment under this po 10. APPORTIONMENT If the land described in Schedule parcels which are not used as a single fished affecting one or more of said loss shall be computed and settled i the amount of insurance under this rata as to the value on Date of Polic to the whole, exclusive of any improi to Date of Policy. unless a liability been agreed upon as to each such pa the insured at the time of the issu shown by an express statement here attached-hereto. 11. SUBROGATION UPON PAYMENT Whenever the Company shall ha this policy, all right of subrogation st unaffected by any act of the insured shall be subrogated to and he enlitlei dies which such insured claimant wot person or property in respect to such been issuM, and if requested by the claimant shall transfer to the Compan against any person or property nece~ such right of subrogation and shall use the name of such insured cla~ma lit igalion involving such rights or rc does not cover the loss of such insure shall~be subrogated to such rights a portion which said payment bears to If loss should result from any act o' such act shall not void this policy, b event, shall be required to pay only insured against hereunder which sha any, lost [o the Company by reason t right of subrogation. 12. LIABILITY LIMITED TO THIS POLIO This instrument together with all instruments, if any, attached hereto entire policy and contract between Company. Any claim of loss or damage, w negligence, and which arises out n( [ the estate or interest covered hereby such claim, shall be restricted to the p and stipulations of this policy. No amendment of or endorsemer made except by writing endorsed he. signed by either the President, a Vice an Assistant Secretary, or validating signatory of the Company. 13. NOTICES, WHERE SENT All notices required to he given statement in writing requl red to be shall he addressed to Transamerica Ti P. O. Box 605, Denver, Colorado 802C amount so paid shall to said insured owner. consists of two or more site, and a loss is estab- parcels but not all, the t ~ pro rata basis as if policy was divided pro of each separate parcel menu made subsequent or value has otherwise gel by the Company and nee of this policy and i or by an endorsement iR SETTLEMENT settled a claim under II vest in the Company ;lainrant. The Company to all rights and reme- d have had against any laim had flits policy not ~onipany, such insured all rights and remedies ary in order to perfect emtit the Company to t in any transaction or ~edies. If the payment claimant, the Company d remedies in the pro- 9e amount of said loss. such insured claimant, t the Company, in that .hat part of any losses exceed the amount, i( the impairment of the adorsements and other ~ the Company is the the insured and the her or not based on status of the title to any action asserting isions and conditions to this policy can be in or attached hereto esident, the Secretary, officer or authorized Company and any ushed [he Company Insurance Company.